Iowa Lakes Electric Cooperative Member-owners Will Receive $1.77 Million in Capital Credits

Tuesday, April 21, 2020
Caption: Iowa Lakes Electric Cooperative’s CEO Rick Olesen (l) and Board Chair Jerry Beck are pleased to announce the Cooperative’s member-owners will receive $1.77 million in capital credits.
Photo submitted

Iowa Lakes Electric Cooperative’s board of directors voted to pay out $1.77 million in capital credits to its member-owners! Member-owners will receive these credits on their billing statement that will arrive around the first week in May.

Iowa Lakes Electric Cooperative buys its power from two generation and transmission cooperatives - Corn Belt Power Cooperative and Northwest Iowa Power Cooperative. Iowa Lakes Electric Cooperative received a $1.77 million capital credits dividends retirement from Corn Belt Power Cooperative related to the 2019 business with Corn Belt. The Cooperative’s board of directors elected to, in turn, pass this retirement through to the Cooperative’s membership right away.

“During these unsettling times that our entire nation is experiencing due to COVID-19 pandemic, this is great news for our member-owners,” explains Board Chair Jerry Beck. “We know families are experiencing financial hardships because of the coronavirus as many members are already facing reduced employment or unemployment. Iowa Lakes Electric Cooperative is trying to do its part to help stimulate our local economy and support our member-owners during the COVID-19 pandemic.”

“Our board of directors and employee team are here for our member-owners, said CEO Rick Olesen. “We encourage any member-owners who are experiencing financial hardship to call our office at 800-225-4532 to discuss payment arrangements. The Cooperative will continue to operate safely and provide the highest-quality reliable service possible for our membership during this difficult time. Please stay safe, everyone.”

Iowa Lakes Electric Cooperative is a not-for-profit cooperative that serves over 12,000 member-owner accounts locally in Buena Vista, Cherokee, Clay, Dickinson, Emmet, Kossuth, Palo Alto, and Pocahontas counties. Iowa Lakes Electric Cooperative is dedicated to leadership, growth and environmental responsibility by providing reliable, competitively priced energy while offering valuable service to benefit our member-owners and the communities we serve.

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